about educational loan

ravi (Querist) 30 March 2016 This query is : Resolved
I have an educational loan of 3.21 lacs.total outstanding amount as of today is 3.05 lacs.bank asked me to settle it in lok adalat.we reached to an agreement to close the loan accnt after payment of 1.75 lacs in lok adalat.but i managed to deposit 1.55 lacs. i am not able to pay remaining 20k rs.what will be the consequences? Can bank consider my situation and issue noc?

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ravi (Querist) 30 March 2016
Please guide me..

Dr J C Vashista (Expert) 31 March 2016
Discuss the issue with bank authorties, seek some more time and settle the issue.
It is not a legal query.

r.sathyanarayanan (Expert) 31 March 2016
Dear mr.ravi,
settlement arrived before lok adalat is binding on the litigants.
pl be careful about a term which some time take place in the lok adalat settlemet,according to such clause if the borrower does not pay the full amount with in time the bank may claim back the original higher amount.
i suggest you to pay 20k and concentrate on you job.
regards
shakthi.

Rajendra K Goyal (Expert) 01 April 2016
It would be better to arrange 20000 and get rid of the liability, honor your commitment before the court.

RAJU O.F., (Expert) 18 April 2016
Some how make payment of Rs.20,000/-, which is to be paid as per Award of Lok-Adalath. If there was condition to pay within specified period or to charge additional interest at certain percentage you will have to pay that. If failed to comply Award of Lok Adalath, Bank is entitled to execute the Award through local court.

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